Microsoft just paid nearly $250 million for a 725,000-square-foot office complex that represents something of a missing piece of the puzzle that is the tech giant’s sprawling headquarters campus.
According to documents filed with King County, the sale of the complex that is surrounded by Microsoft’s Redmond, Wash. campus closed Wednesday, and Microsoft confirmed the deal later in the day. In a deal that has been rumored for months, Microsoft bought the Daytona Laguna complex from private equity firm Blackstone, which acquired the campus for $204 million two years ago.
Though the office complex represents a huge purchase on its own, Microsoft’s campus dwarfs the site. The campus adds about 5 percent more office space to the 15 million-square-foot HQ campus.
The purchase comes as Microsoft prepares to undergo a major renovation of its campus. Microsoft plans to knock down a dozen buildings within its original campus and replace them with 18 new structures totaling 2.5 million square feet. The sweeping redevelopment project would make room for 8,000 additional workers.